MS HB1557

Authorizes employers to claim a $20 income tax credit for each verified blood donation made by their employees during an employer-organized blood drive from calendar year 2023 through 2028

Defines "verified donation" as a blood donation by an employee made during a blood drive that can be documented by the employer, and requires blood drives to be organized by nonprofit blood bank organizations and closed to nonemployees

Limits the total tax credit claimed by any individual taxpayer to the amount of their tax liability reduced by other allowable credits, and caps the statewide aggregate of all credits claimed in a taxable year at $500,000

Requires the Department of Revenue to annually calculate and publish a reduction percentage if aggregate claims exceed $500,000 to ensure the statewide cap is not exceeded

Takes effect July 1, 2022